Zig’s Place Chatroom News Monday 11-29-21

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29 Nov 21, 08:07 AM butterfly   Economist: There is no relationship between the devaluation of the dinar and the central bank's retention of cash reserves

Monday 29 November 2021 The expert in economic affairs, Raad Twij, confirmed: "The devaluation of the Iraqi dinar is not a reason for the Central Bank to maintain cash reserves."

Twig said in a statement to the National Iraqi News Agency / NINA /: “There have been increasing statements from Iraqi officials that the devaluation of the Iraqi dinar has worked to preserve the cash reserves of the Central Bank of Iraq, but in fact, from a practical point of view, there is no evidence for that relationship, and the real relationship is the correlation Between what is sold in the currency window of foreign currency and the price at which that currency is sold in the local currency.

He added: "The pressure caused by the demand for foreign exchange in the currency auction forced the decision makers to take a measure to raise the exchange rate as a result of the high marginal propensity to import and the marginal propensity to consume in Iraq by more than 0.9%." https://ninanews.com/Website/News/Details?key=941758

butterfly   Now do you think the last paragraph is telling?

Zig   I don't know what to think any more about any of this....but :Thankyou: for keeping us informed daily....

butterfly   He is an economist, not a journalist/reporter......

Zig   butterfly : Economists also disagree about many things....just sayin'..... :Nice day:

butterfly   Zig maybe so, but I would listen to an economist before a reporter/journalist.

Zig   True

butterfly   A Decline In The Major Currencies Against The Dollar After Disturbances Due To “Omicron”

ECONOMIC   2021/11/29 | 2:55 PM  The dollar rose, the euro fell, and the yen stabilized on Monday, with markets calming after the first shock of the discovery of a new mutant of the Corona virus.

The mutant Omicron, which was first detected in South Africa, caused global concern, leading to a decline in financial markets on Friday amid fears that its appearance would disrupt the global economic recovery from the Covid-19 pandemic that began two years ago.

And the World Health Organization said it was not yet clear whether Omicron, which was discovered in many countries of the world, was more capable of spreading than previous mutant or if it caused a more serious disease, according to “Reuters”.

Markets calmed somewhat today, while US stock futures and oil prices rose, with investors taking a more balanced approach and accepting to wait until the impact of the new mutation becomes clear.

The US dollar index rose by 08:21 GMT by 0.1 percent to 96.326.n after witnessing the largest decline in one day since May last Friday.

The dollar's status as a safe haven of value qualifies it to benefit from the uncertainties, but it fell on Friday due to expectations that the emergence of the Omicron mutant will influence the timing of when major central banks, including the US Federal Reserve, decide to raise interest rates.

The euro fell by 0.4 percent to 1.12665 ​​dollars. It had risen against the dollar on Friday.

The Japanese yen was stable and rose 0.2 percent against the dollar to hit 113.33 yen to the dollar at 08:29 GMT.

Analysts warned that currency markets are likely to witness more turmoil until more information is known about the new variable.

Investment bank Goldman Sachs said it would not adjust its economic forecast based on the emergence of Omicron until its impact becomes clear.

butterfly   Regarding cryptocurrencies, bitcoin hit a seven-week low on Sunday before rising about 0.1 percent to $57,386.24 at 08:37 GMT, but it remained well below its all-time high of $69,000 hit earlier this month.

Butterfly   Facilitating Iraq's WTO Accession Process 29th November 2021 in Iraq Industry & Trade News Facilitating Iraq's WTO Accession process in collaboration with Iraq's National Committee on WTO Accession.

Iraq's National Committee on WTO Accession participated in a technical session organised in Baghdad on 23rd November.

The session provided a comprehensive overview of the accession process and highlighted the crucial role of the National Committee on WTO Accession in this process.

Iraq initiated its process to WTO Accession in 2004 but due to political and economic instability this was stalled until 2017 when Iraq expressed interest to reinstate their determination to join the WTO. Since then, Iraq has made considerable progress in this front including the recent submission of key technical documents to the WTO secretariat.

Representatives from various government institutions from Baghdad and the Kurdistan Region of Iraq including officials from the Ministry of Trade, Ministry of Agriculture, Ministry of Industry participated in the session. Various private sector institutions also attended.

The workshop was organized by the International Trade Centre (ITC) a joint agency of the World Trade Organization (WTO) and United Nations (UN), through the "Strengthening the Agriculture and Agri-food Value Chain and Improving trade policy in Iraq" (SAAVI) project.

Funded by the European Union (EU), the project is contributing to inclusive economic growth and job creation, particularly for youth, by improving Iraq's agriculture competitiveness and supporting trade development. It is also particularly focuses on providing support to Iraq in the process of acceding to the WTO.

butterfly   Mr. Adel Al-Masoodi, Director General, Foreign Economic Relations Department, Ministry of Trade opened the day and reaffirmed Iraq's commitment to the accession to the WTO and assured the support of his team to the SAAVI project. In his opening remarks, Mr Al-Masoodi also recognised and congratulated the progress that has been made in Iraq's Accession progress through ITC's SAAVI project

The delegation of the European Union to Iraq was also present at the event and was represented by Mr. Mauro Gioe, who stated that "becoming a member of the WTO will result in a reduction of trade barriers, predictability and transparency of international trade rules, and increased competitiveness, all of which will increase trade for Iraq" adding that "the advantages gained by a new WTO member are always greater than the potential losses that some economic actors may initially face. Overall, the whole country wins".

On behalf of ITC, Mr. Rajesh Aggarwal, the Director of the Division of Market Development opened the session. In his remarks, Mr. Aggarwal focused on the importance of a strong National Committee in place to progress on WTO Accession. The National Committee provides a platform for both the public and private sector to come together and to take key decisions in line with national priorities and domestic policy reform," he said.

The workshop provided an opportunity to reassemble members of the National Committee on WTO accession, created 2004 through a ministerial order. Participants were updated by the Ministry of Trade of Iraq about the recent development which occurred in relation to Iraq's accession process to the WTO. This was followed by a number of technical sessions aimed at building a common understanding of all members with respect to substantive and procedural matters of immediate relevance for Iraq's accession to the WTO.

butterfly   This session is part of a series of capacity building sessions that will be organised through the SAAVI project to support Iraq to accede to the WTO.

Butterfly   WHO warns Omicron variant poses ‘very high’ global risk

New Omicron coronavirus variant could have ‘severe consequences’ in some places, WHO says, as the world grapples to contain its spread. 29 Nov 2021

The heavily-mutated Omicron coronavirus variant is likely to spread internationally and poses a very high risk of infection surges that could have “severe consequences” in some places, the World Health Organization (WHO) says.

No Omicron-linked deaths had yet been reported, though further research is needed to assess its potential to escape protection against immunity induced by vaccines and previous infections, it added on Monday. In anticipation of increased case numbers as the variant, first reported last week, spreads, the UN health agency urged its 194 member states to accelerate vaccination of high-priority groups and ensure plans were in place to maintain health services.

“Omicron has an unprecedented number of spike mutations, some of which are concerning for their potential impact on the trajectory of the pandemic,” the WHO said.

“The overall global risk related to the new variant … is assessed as very high.”

butterfly   European countries clamp down on Omicron variant

Tedros Adhanom Ghebreyesus, WHO director-general, sounded the alarm at the start of an assembly of health ministers on Monday that is expected to launch negotiations on an international agreement on preventing future pandemics.

“The emergence of the highly mutated Omicron variant underlines just how perilous and precarious our situation is,” Tedros said.

“Omicron demonstrates just why the world needs a new accord on pandemics: Our current system disincentivises countries from alerting others to threats that will inevitably land on their shores.”

The new global deal, expected by May 2024, would cover issues such as sharing of data and genome sequences of emerging viruses, and of any potential vaccines derived from research.

European Union member countries and others had sought language calling for work towards a treaty, but the United States and some other countries countered that the substance of any accord should be worked out first before any such document is given a name.

A “treaty” would suggest a legally binding agreement that could require ratification – and would likely incur domestic political haggling in some countries.

On Sunday, the United Kingdom’s ambassador in Geneva, Simon Manley, tweeted a copy of the draft text that was agreed by consensus – as required under WHO rules on such issues – and praised Chile and Australia for their work as co-chairs

Butterfly   “The #Omicron variant shows yet again why we need a common understanding of how we prepare for and respond to pandemics, so we’re all playing by the same rules,” he wrote. COVID ‘is not done with us’

The draft makes no reference to the word “treaty” but, among other things, calls for the creation of an “intergovernmental negotiating body” among WHO member states to work out a possible deal to improve pandemic prevention, preparedness and response.

The world should now be “wide awake” to the threat of the coronavirus, “but Omicron’s very emergence is another reminder that although many of us might think we are done with COVID-19, it’s not done with us,” Tedros said.

Omicron was first reported on November 24 in South Africa, where infections have risen steeply.

butterfly   Omicron: World on high alert over new COVID variant

It has since spread to more than a dozen countries, many of which have imposed travel restrictions to try to seal themselves off. Japan on Monday joined Israel in saying it would close its borders to foreigners.

The WHO reiterated that, pending further advice, countries should use a “risk-based approach to adjust international travel measures in a timely manner”, while acknowledging that a rise in coronavirus cases might lead to higher morbidity and mortality rates.

“The impact on vulnerable populations would be substantial, particularly in countries with low vaccination coverage,” it added.

In vaccinated people, meanwhile, “COVID-19 cases and infections are expected … albeit in a small and predictable proportion”.

Overall, there were “considerable uncertainties in the magnitude of immune escape potential of Omicron”, and more data was expected in the coming weeks. https://www.aljazeera.com/news/2021/11/29/who-covid-omicron-variant-very-high-global-risk

Butterfly   Oil crashes as coronavirus strain threatens demand recovery

The emergence of the new strain represents the biggest threat to the recovery in global oil consumption. https://www.aljazeera.com/economy/2021/11/26/oil-plunges-as-new-coronavirus-variant-fuels-worries Oil prices crashed more than 10% as a new coronavirus strain sparked fears that renewed lockdowns will threaten a global recovery in demand.

West Texas Intermediate crude tumbled below the $70-a-barrel level on Friday for the first time since late September, while the global benchmark price, Brent, slumped to less than $75.

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